Title
Pension Payroll and Financial Report - Quarter Ending March 31, 2026 (Finance - Funds 101 & 102)
Body
To: Chairman and Members of the Pension Board
From: Ross McCarthy, Finance Director
Re: Pension Payroll and Financial Report - Quarter Ending March 31, 2026
The following is a summary of the Fiscal Year 2025-26 third quarter pension charges for Plan 1079 and Plan 1082:
Pension benefit payments for Plan 1079 (Fire) remained the same as the prior quarter at $29,205 per month through February. In March, pension benefit payments for Plan 1079 (Fire) increased by 3.88% with pay retroactive to January. March total pension expenses of $33,089 included the quarterly uniform allowance payout. To correct a double payment of the uniform allowance for the Quarter Ended December 31, 2025, recipients will forego this allowance next quarter.
Pension benefit payments for Plan 1082 (Police) remained the same as the prior quarter at $2,962 per month for January and February. In March, pension benefit payments for Plan 1082 (Police) increased by 2.0% to $3,139 with retroactive payments for January and February.
Please refer to the attached Exhibit 1 summarizing operating revenues and expenses for Plan 1079 (Police and Fire) and Plan 1082 (Police).
Respectfully submitted,
Ross McCarthy
Finance Director
Exhibit:
1. Quarterly Financial Report as of March 31, 2026